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MTN Nigeria plans to raise $30.4 million through commercial paper issuance to strengthen liquidity amid naira devaluation and rising operational costs.
MTN Nigeria Communications Plc, led by CEO Karl Toriola, reports a staggering loss of N514.9 billion ($311.2 million) for Q3 2024, marking a sharp increase in losses compared to N14.9 billion ($9 million) in the same period last year, driven by foreign exchange challenges and rising expenses.
MTN Nigeria CEO Karl Toriola has called for a tariff hike to address rising operational costs and prevent a potential service shutdown, as the telecom giant faces significant financial pressures amid Nigeria’s challenging economic environment.
MTN Nigeria’s $50-million initiative, led by CEO Karl Toriola, is transforming education with cutting-edge science labs, empowering students to build a tech-driven future.
Toriola attributes losses to currency devaluation, inflation, and higher operating expenses.
A seasoned Nigerian business executive, Karl Toriola, took the helm as the CEO of MTN Nigeria in October 2020
While Damilola joins the ranks of the group’s minority shareholders, her father, Toriola holds a stake of 0.0201 percent in MTN Nigeria.
Toriola has been at the helm of MTN Nigeria since 2020.
The approval comes five months after MTN Nigeria received preliminary approval from the Central Bank of Nigeria.
During the year, its service revenue increased by 23.3 percent, from $3.22 billion in 2020 to $3.97 billion.